Snap One Holdings Corp. (“Snap One”) has announced the pricing of its initial public offering of 13,850,000 shares of its common stock at $18 per share. Shares of Snap One’s common stock are expected to begin trading on the Nasdaq Global Select Market on July 28, 2021 under the symbol “SNPO,” and the offering is expected to close on July 30, 2021, subject to customary closing conditions. Snap One and selling shareholders have granted the underwriters a 30-day option to purchase a total of up to an additional 2,077,500 shares of common stock at the initial public offering price less the underwriting discounts and commissions.
Snap One intends to use the net proceeds from the offering to repay a portion of the term loan under its credit agreement plus accrued interest thereon as well as for general corporate purposes.
The offering is being made through an underwriting group led by Morgan Stanley, J.P. Morgan, Jefferies and UBS Investment Bank, who are acting as lead bookrunning managers; BMO Capital Markets, Raymond James, Truist Securities and William Blair, who are acting as bookrunning managers; and Drexel Hamilton, Penserra Securities LLC, R. Seelaus & Co., LLC and Siebert Williams Shank, who are acting as co-managers.
A registration statement on Form S-1 relating to these securities has been declared effective by the Securities and Exchange Commission. This news release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of these securities may be made only by means of a prospectus. Copies of the prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (866) 803-9204 or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at [email protected]; or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by email at [email protected].
For more information, visit snapone.com.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements, including with respect to the closing of the initial public offering and use of proceeds thereof. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause Snap One’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Snap One assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.